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IDC millions at risk as Oakbay share valuation becomes tricky

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The Gupta brothers
The Gupta brothers

Cape Town – The severe fluctuations in the share price of Gupta-owned Oakbay Resources and Energy in a period of just over two-and-a-half years will make it difficult to determine the true valuation of the company, according to Melanie De Nysschen, corporate finance principal at Bravura Capital.

This raises concerns about the Industrial Development Corporation’s (IDC's) ability to recover funds, following the conversion of the R256m loan to Oakbay into equity.

The IDC told City Press over the weekend that it expects Oakbay to permanently delist from the JSE, as the company struggles to find a JSE sponsor as a result of “negative public opinion”.

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